Market Update [December 25] – VN-Index loses 900 after falling nearly 11 points

25/12/2018 17:42

Report: Market Update

On Tuesday (December 25th), the VN-Index opened on a negative note due to negative impact from world markets, however, bargain hunters helped it narrow the losses in the afternoon session. In particular, GAS, VNM, VHM, VCB, BID, TCB, CTG, PLX, VJC, VPB and MBB were the large-cap losers, offsetting the small gains in MSN, NVL, VRE, ROS and EIB.

By the closing bell, the VN-Index lost 10.62 points (-1.17%) to close at 897.94. Trading volume was over 250 million shares, worth VND5,500 billion. Breadth was widely negative, with losers topping gainers 57 to 225. Foreign investors net bought VND22 billion on the HSX.

In view of technical analysis, the VN-Index’s chart shows a green candlestick called ‘Hammer’ at the support range of 880 – 900, which is quite positive. Therefore, we believe that, in a positive scenario, the VN-Index will test the nearest resistance range of 920 – 940, at which investors can sell a part of the existing short-term portfolio. In a negative scenario, the nearest support range of VN-Index is forecast at 880 – 900, the next support range is expected at 840 – 860. Based on Kelly formula, the recommended proportion of the portfolio is 90% cash/ 10% stocks.

Please see the attached file for more details.